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QNB al Islami and QIIB enter finance agreement.

Auto Business News-5 December 2008-QNB al Islami and QIIB enter finance agreement(C)2008 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 05 December 2008(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

QNB Al Islami, the Islamic branch of Qatar National Bank (QNB), Qatar International Islamic Bank (QIIB) and Qatar Real Estate Investment Company (AlAqaria) have entered into a financing agreement.

According to the Shari'ah-compliant finance agreement, the two banks would provide AlAqaria with an Ijara finance package worth QAR1bn. The fund would be used in the future development of AlAqaria projects in Qatar which are currently estimated at QAR2.5bn.

The financing is to come into effect from 1 January 2009.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

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Publication:Auto Business News (ABN)
Date:Dec 5, 2008
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